India touches Milestone of 75,000 recognised Start-ups
Recently, the Department for Promotion of Industry and Internal Trade (DPIIT) recognised over 75,000 start-ups. This milestone has been achieved at the time when India is celebrating 75th year of Independence and Azadi ka Amrit Mahotsav. Start-up ecosystem in India is picking up through innovation, enthusiasm, and entrepreneurial spirit.
History of Start-up ecosystem in India:
- On August 15, 2015 Prime Minister Narendra Modi has visualized a new India that uses its entrepreneurial potential of its citizens.
- On January 16, 2016, a program was started to put forward an action plan for building a strong start-up ecosystem in India.
- January 16 is now celebrated as the National Start-up Day.
- 6 years later, those action plan has successfully made India the 3rd largest ecosystem.
- Initial 10000 start-ups were recognized in some 808 days. But the latest thousand start-ups were recognized in just 156 days.
- As per reports, over 80 Start-ups are being recognized every day. It is the highest rate worldwide.
- Of the total recognized start-ups, 12% belongs to IT services, 9% to Healthcare & Life Sciences, 5% to professional & commercial services, 7% to education, and 5% to agriculture.
Start-up India Program:
Start-up India Program was launched by government to provide an enabling environment for the start-ups. This program has become a launchpad for those start-ups. Under this program, government provides fund to tax incentives, support intellectual property rights in a bid to ease public procurement, and enables regulatory reforms to get access to the international fest & events. Thus, the program has become synonymous with sustainable economic growth.
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